Choosing Fed Candidates is Like Choosing How to Be Executed
In a post on The Tell, MarketWatch contributor Saumya Vaishampayan summarized Peter Schiff’s analysis of the upcoming replacement of Ben Bernanke as chair of the Federal Reserve. If you agree with Peter that the Fed can’t prevent the coming economic crisis, then he recommends avoiding dollar-denominated debt and investing in hard assets like physical gold and silver.
It doesn’t matter who takes over as the next chair of the Federal Reserve because the central bank isn’t going to slow its monthly asset purchases.
‘It’s like choosing how you want to be executed,’ said Peter Schiff of Euro Pacific Capital in an animated address ahead of an investment banking conference held by his firm in Manhattan Tuesday.
Schiff’s remarks come as investors brace for a reduction in the Fed’s asset purchases as soon as next week, and as investors also anticipate President Obama will name the next Fed chair by December. That decision, which analysts say is likely down to front-runner Larry Summers, a former Obama Administration adviser, and Fed Vice Chair Janet Yellen, has taken on new urgency because of the impending shift in monetary policy.”
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